MEXICO CITY, Jan. 27, 2021 /PRNewswire/ -- FIBRA Prologis
(BMV:FIBRAPL 14), a leading owner and operator of Class-A
industrial real estate in Mexico,
today reported results for the fourth quarter and full year
2020.
HIGHLIGHTS FROM THE YEAR:
- Leases commenced were 12.5 million square feet
- Period-end occupancy was 97.1%
- Net effective rent on rollovers increased 12.4%
- Weighted average customer retention was 87.1%
- Same store cash NOI decreased 4.7%
- Acquired US$438 million of
Class-A properties
Net earnings per CBFI was Ps. 3.2891 (US$0.1576) for the quarter compared with Ps.
0.8332 (US$0.0419) for the same
period in 2019. For the full year 2020, net earnings per CBFI was
Ps. 4.4111 (US$0.2091).
Funds from operations (FFO) per CBFI as defined by FIBRA
Prologis was Ps. 0.8164 (US$0.0380)
for the quarter compared with Ps. 0.7465 (US$0.0374) for the same period in 2019. For the
full year 2020, FFO per CBFI was Ps.3.5937 (US$0.1663).
STRONG OPERATING RESULTS CONTINUE
"Our 2020 financial and operating performance exceeded our
expectations many times over," said Luis
Gutiérrez, CEO, Prologis Property Mexico. "Despite
the tragic effects of the global pandemic and its impact on the
Mexican economy, we delivered 12.4 percent rent change on rollover
and added 5.3 million square feet through accretive acquisitions,
enhancing our position in Mexico
City, Monterrey Ciudad Juarez and Guadalajara."
Operating
Portfolio
|
4Q20
|
4Q19
|
Notes
|
Period End
Occupancy
|
97.1%
|
97.6%
|
Four of six
markets at or above 97%
|
Leases
Commenced
|
1.1 MSF
|
2.7 MSF
|
78% of leasing
activity related to Monterrey and Ciudad Juarez
|
Customer
Retention
|
72.7%
|
91.0%
|
|
Net Effective Rent
Change
|
10.5%
|
13.9%
|
Led by Ciudad
Juarez and Mexico City
|
Same Store Cash
NOI
|
-1.2%
|
2.5%
|
Higher
concessions, the result of longer lease terms along with a
weaker peso partly offset by higher rents
|
Same Store
NOI
|
2.5%
|
3.3%
|
|
SOLID FINANCIAL POSITION
At December 31, 2020, FIBRA
Prologis' leverage was 29.0 percent and liquidity was Ps. 6.9
billion (US$347.0 million), which
included Ps. 6.5 billion (US$325.0
million) of available capacity on its unsecured credit
facility and Ps. 434.4 million (US$21.8
million) of unrestricted cash.
"A significant testament to our commitment to ESG, the
completion of our $375 million green
bond offering bolstered our balance sheet to its strongest level in
our history" said Jorge Girault,
senior vice president, Finance, Prologis Property Mexico. "With
well-laddered maturities, a low debt cost and significant
liquidity, we are in solid position to be opportunistic in
2021."
GUIDANCE ESTABLISHED FOR 2021
(US$ in million,
except per CBFI amounts)
FX = Ps$21.5 per
US$1.00
|
Low
|
High
|
Notes
|
FFO per
CBFI
|
US$0.1700
|
US$0.1750
|
Excludes the
impact of foreign exchange movements and any potential incentive
fee
|
Full Year 2021
Distributions per CBFI
|
US$0.1075
|
US$0.1075
|
|
Year End
Occupancy
|
95.0%
|
96.0%
|
|
Same Store NOI
(Cash)
|
3.0%
|
5.0%
|
Based in U.S.
dollars
|
Annual Capital
Expenditures as % of NOI
|
13.0%
|
14.0%
|
|
Asset Management and
Professional Fees
|
US$23.0
|
US$25.0
|
|
Building
Acquisitions
|
US$100
|
US$200
|
|
Building
Dispositions
|
US$20
|
US$30
|
|
WEBCAST & CONFERENCE CALL INFORMATION
FIBRA Prologis will host a live webcast/conference call to
discuss quarterly results, current market conditions and future
outlook. Here are the event details:
- Thursday, January 28, 2021, at
9 a.m. CT/10
a.m. ET.
- Live webcast at www.fibraprologis.com, in the Investor
Relations section, by clicking News & Events.
- Dial in: +1 833 714-0919 (U.S. and Canada), 01 800 853 0237 (Mexico) or +1 778 560-2663 (all other
countries) and enter Passcode 3157918.
A telephonic replay will be available January 28–February 3 at
+1 800 585-8367 from the U.S. and Canada or at +1 416 621-4642 from all other
countries using conference code 3157918. The replay will be posted
in the Investor Relations section of the FIBRA Prologis
website.
ABOUT FIBRA PROLOGIS
FIBRA Prologis is a leading owner and operator of Class-A
industrial real estate in Mexico.
As of December 31, 2020, FIBRA
Prologis was comprised of 205 logistics and manufacturing
facilities in six industrial markets in Mexico totaling 40.2 million square feet (3.7
million square meters) of gross leasable area.
FORWARD-LOOKING STATEMENTS
The statements in this release that are not historical facts are
forward-looking statements. These forward-looking statements are
based on current expectations, estimates and projections about the
industry and markets in which FIBRA Prologis operates, management's
beliefs and assumptions made by management. Such statements
involve uncertainties that could significantly impact FIBRA
Prologis financial results. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," variations of
such words and similar expressions are intended to identify such
forward-looking statements, which generally are not historical in
nature. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future — including statements relating to rent and occupancy
growth, acquisition activity, development activity, disposition
activity, general conditions in the geographic areas where we
operate, our debt and financial position, are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for
our properties, (iv) risks associated with acquisitions,
dispositions and development of properties, (v) maintenance of real
estate investment trust ("FIBRA") status and tax structuring, (vi)
availability of financing and capital, the levels of debt that we
maintain and our credit ratings, (vii) risks related to our
investments (viii) environmental uncertainties, including risks of
natural disasters, (ix) risks related to the coronavirus pandemic,
and (x) those additional factors discussed in reports filed with
the "Comisión Nacional Bancaria y de Valores" and the Mexican
Stock Exchange by FIBRA Prologis under the heading "Risk Factors."
FIBRA Prologis undertakes no duty to update any forward-looking
statements appearing in this release.
Non-Solicitation - Any securities discussed herein or in the
accompanying presentations, if any, have not been registered under
the Securities Act of 1933 or the securities laws of any state and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements under the Securities Act and any
applicable state securities laws. Any such announcement does not
constitute an offer to sell or the solicitation of an offer to buy
the securities discussed herein or in the presentations, if and as
applicable.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/fibra-prologis-announces-fourth-quarter-and-full-year-2020-earnings-results-301216751.html
SOURCE FIBRA Prologis